Mortgage pricing is down 9bps this morning with no economic reports out in the US.  The cause is domestic oil prices, which are up 1.99% today alone.  Since oil affects 60% of all goods sold, rising oil prices is inflationary and bad news for fans of lower interest rates.  All the same, the probability for a Fed rate cut next week is up to 85%.

Here are some interesting housing stats:

• Fannie Mae calculates that home prices have risen 5.9% so far in 2024, above their initial 4.7% estimate for the entire year.
• The average American homeowner with a mortgage has $311,000 equity in their home
• The average equity of a home with no mortgage on it is $571,000
• The average age of a first time home buyer is now 38 years old
• The average age of a repeat buyer is 61 years old–which has risen nine years since 2020